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M&A WATCH-
Alfa Medical eyes stakes in three Cairo hospitals:Alfa Medical Group (AMG) — the group behind Alfa Labs — is currently looking to acquire stakes in as many as three Cairo-based hospitals before the end of 2023 as part of an expansion plan, Al Mal reports, citing sources it says have knowledge of the matter. The local media outlet did not disclose the names of the hospitals or the size of the stakes.
AMG has a lot of investments in the pipeline? AMG is currently building two hospitals and the Alfa Medical City in Sheikh Zayed to add to its existing portfolio of 170 pathology centers, 6 radiology centers and a hospital, according to the company’s LinkedIn. In 2021, the group announced plans to invest some EGP 5 bn in the local market through 2026.
MINING-
#1- Aton strikes gold: Egypt-focused Canadian gold miner Aton Resources identified opportunities for mining moderate and high grade gold at the Semna prospect in its Abu Marwat concession in the Eastern Desert, the company announced in its first results release (pdf). “The drilling has indicated that the high grade orogenic style gold mineralisation at Semna continues at depth beneath the old mine stopes, and is also open along strike,” Aton’s interim CEO Tonno Vahk said in the release, adding “these results further indicate the potential of the Abu Marwat Concession to host multiple deposits with a variety of mineralisation styles.”
Aton wants to further its gold mining operations: The Canadian firm wants to obtain a mining license to develop its gold mines at its Abu Marwat concession, Al Borsa reports, and has submitted a request to the Egyptian Mineral Resources Authority detailing its commercial discoveries at the concession.
#2- Naguib Sawiris mulls stake in Pakistani gold mine: Egyptian telecom and real estate bn’aire Naguib Sawiris indicated his interest in investing in the USD 7 bn Reko Diq gold and copper mine in Pakistan, reports Bloomberg. Sawiris, who is no stranger to the gold mining industry, added “I have an advantage compared to other investors. I know the country, I have friends here.”
What we know and what we don’t: The mine is one of the largest undeveloped gold and copper mines in the world, but international companies have been reluctant to get involved on the back of security concerns, the news outlet reported. It is 50% owned by Canada’s Barrick Gold and the remaining 50% is owned by Pakistani state companies and institutions.Sawiris did not elaborate on the size of any future stake purchase or who he would buy it from.
Sawiris is no stranger to Pakistan: The Sawiris-owned Ora Developers also has a presence in the South Asian country and is currently building a luxury housing development. Pakistan, like many other developing nations, also had their first mobile telephone network set up by the Egyptian businessman.
